🇷🇺 Russia is set to enforce stringent crypto regulations from September 1, with exceptions granted to miners and specific Central Bank projects, as announced by Anatoly Aksakov of the State Duma’s Financial Market Committee.
💼 The initiative aims to bolster the ruble and regulate the crypto sector amidst escalating global tensions.
📜 The upcoming law will restrict cryptocurrency use to those issued within Russia, including digital rubles, to safeguard the ruble's dominance amid crypto substitution in some economic sectors.
⛏️ However, the legislation exempts crypto mining and Central Bank-related experimental projects due to their significant contribution to Russia’s tax income, supporting about $2.59 billion in liquidity for international trade.
🔄 While creating crypto exchanges and transaction platforms outside regulated areas will be banned, cryptocurrency circulation will not be halted, aiming to prevent unregulated exchanges without a complete ban on digital currencies.
💰 Russia’s Finance Minister and the head of the Bank of Russia advocate for a moderate approach to regulate crypto use, hinting at a consensus after prolonged discussions.
🔍 Instances have emerged where Russian entities utilized cryptocurrencies like USDT to procure essential military technology components, bypassing traditional financial systems to evade sanctions, exemplifying strategic use of digital currencies to circumvent international scrutiny.
